Shanghai Pudong Development Bank
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Shanghai Pudong Development Bank is a Chinese bank headquartered in Shanghai, People’s Republic of China. It provides personal banking, corporate banking and interbank business products to its clients. Shanghai Pudong Development Bank was ranked #676 on 2008 Forbes Global 2000 list.
Shanghai Pudong Dev Bank is a joint stock company under operational control of Chinese government. It is listed on Shanghai (SSE: 600000) Stock Exchange.
Brief history
Shanghai Pudong Dev Bk was established in 1993. Shanghai Pudong was listed on Shanghai Stock Exchange in 1999. Citibank currently owns 19.9 percent of total shares issued by this bank. This move was permitted by Chinese government to ensure a more global banking outlook and financial stability.
Shanghai Pudong Development Bank was established with a view to develop Pudong district in Shanghai city. It aims to transform Pudong into a great international financial hub that contributes to Chinese social progress and economic development.
Shanghai Pudong Development Bank has set up 24 branches and offices in Shanghai: Tianjin, Hangzhou, Guangzhou, Kunming, Dalian, Xian, Shenyang, Wuhu, Changsha, Ningbo, Wenzhou, Beijing, Chongqing, Nanjing, Shenzhen, Zhengzhou, Jinan, Chengdu, Wuhan, Taiyuan, Harbin, Suzhou, and Nantong.
Products and services
Shanghai Pudong Development Bank offers its clients personal banking, corporate banking and inter-bank business products (treasury and markets). Personal banking products include saving products, leisure banking card, individual FX trading, mortgage loan, online payment, electronic ticket, bank securities express, open-ended fund, instant message, car mortgage and easy remittance. Treasury and market services include RMB structured deposit, USDCNY exchange, vanilla option and premium deposits.
Corporate banking services of Shanghai Pudong Dev Bk include offshore banking, non-bank financial institutions, trade finance, occupational pension, correspondent banking, investment banking and assets custody.
Financials
Market value of Shanghai Pudong Development Bank was around $11.29 billion in 2007. Total assets were calculated to be almost $70.74 billion. Total sales in 2007 amounted to nearly $2.89 billion. This bank made profits of about $0.32 billion.
Awards and recognition
Shanghai Pudong Development Bank was ranked among top 3 Chinese banks by “The Asian Banker” magazine in 2007. Bankers magazine has also nominated Shanghai Pudong as one of 2007’s top 100 Chinese banks. Moody’s Investors Service has given a D rating to Shanghai Pudong Development Ban
Current financial crisis
Shanghai Pudong Development Bank has been marginally affected by 2008 global financial crisis. It suffered a sharp drop in its share price due to financial uncertainty among investors and financial traders.
